News Roundup: Biological E may raise $100M via stake sale

03 October, 2013

Hyderabad-based vaccine-maker Biological E plans to raise about Rs 620 crore ($ 100 million) by selling up to 25% stake to financial or strategic investors, three persons with knowledge of the development said. The drug-maker last week appointed E&Y as advisor for the stake sale. The company plans to use the funds to launch new products, expand its research and development facilities and buy assets overseas. (Economic Times) 

Hindalco may sell Australian copper mine: Hindalco Industries Ltd’s Australian copper mining arm Aditya Birla Minerals Ltd (ABML) may sell its Mt Gordon project in northern Queensland. According to the management, the asset, which was shut in April, was recently put under “strategic review”. The company has been in preliminary discussions with a couple of potential buyers. Sunil Kulwal, MD and CEO, Australian Securities Exchange-listed ABML, had told the company’s shareholders on August 20 that ANZ Bank had been chosen as the financial advisor “to carry out a strategic review of Mt Gordon operations and advise on all strategic options”. (Business Line) 

ONGC-led consortium eyes remaining 9% stake in OAO Novatek’s Yamal LNG project: Indian energy firms are aggressively negotiating with OAO Novatek, Russia’s second biggest gas producer after Gazprom, to acquire a minority stake in the $20-billion Yamal liquefied natural gas project. This is the last opportunity for the ONGC-led consortium, which includes include Indian Oil Corp and Petronet LNG, to purchase remaining 9% stake in OAO Novatek’s 16.5-million tonnes LNG project after China National Petroleum Corp (CNPC) pre-empted its move and bought 20% stake in the venture on September 5 for an undisclosed amount. The consortium has been pursuing Novatek to sell a significant stake in the project for more than four years. Novatek wants to retain 51% stake in the venture. French energy major Total already holds 20% stake in the project. (Times of India) 

Glenmark is in talks to sell oral contraceptive unit: Drugmaker Glenmark Pharmaceuticals has put on the block its oral contraceptive product division which makes the generic anti-pregnancy medicine and sells it in the American market, two persons familiar with the development said. The company promoted by Glenn Saldanha has begun talks with some of the leading local and global drugmakers. Besides, some domestic players such as Sun Pharma and Lupin global companies Teva, Actavis and Sandoz would be interested in acquiring the entire product range including the ANDA filing to consolidate their position in the US market. (Economic Times) 

Vedanta eyes BGML mines for expansion: Vedanta Resources, the natural resources conglomerate, is now eyeing expansion into gold mining and looking at bidding for now closed Bharat Gold Mines Ltd (BGML), which owns famous Kolar gold mines in Karnataka. Vedanta Chairman Anil Agarwal said the government should begin the process of selling the assets of BGML “as quickly as possible” as the Supreme Court has already approved the asset sale plan. In June, the Supreme Court had approved government’s plan of floating a global tender for selling the assets of BGML, so that the Kolar gold mines can be restarted. (Business Standard) 

Asian Paints plans to acquire additional stake in Berger International: Asian Paints Ltd. is planning to acquire an additional 24.18% stake in Berger International Ltd., through Asian Paints (International) Ltd., Mauritius, a wholly owned subsidiary of the company. The acquirer had informed about the acquisition of additional shares and voluntary unconditional cash offer for the remaining shares of Berger International, with an intention to make BIL a wholly owned subsidiary of APIL and delist from the Singapore Exchange Securities Trading Ltd. (BSE)

Courtesy: VCCEdge


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News Roundup: Biological E may raise $100M via stake sale

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